NM HB93

New Mexico's standard deduction for state income tax purposes increases to 205% of the federal standard deduction amount allowed under Internal Revenue Code Section 63

Amends Section 7-2-2 NMSA 1978 (Income Tax Act definitions) to modify the calculation of "net income" for taxpayers other than estates or trusts

Applies to taxable years beginning on or after January 1, 2026

Introduced by Representative Elaine Sena Cortez during the 57th Legislature, Second Session, 2026